Accounting Questions
Accounting questions?
I am considering majoring in Accounting in college and have some questions...
1.) Does taking Accounting classes in high school help to prepare you for college?
2.) What is the entry level salary?
3/) How many years of school is it?
4.) Do you need a master's?
5/) What is the schedule like? Do you work 24/7 with no weekends off?
6.) Is it hard to find a job after graduating college?
7.) Is it very very very stressful and difficult that you want to kill yourself?
8.) What's a CPA?...
Robert W:1)A little. One high school accounting class (at most schools) would cover half of your first college accounting class. However, this is incredibly important stuff (debits and credits, the nature of the balance sheet etc.) that some people find quite difficult, so it's probably a good idea to get ... More...
Accounting question and I cant think of questions. Cam someone please help me?
Much of accounting is directed at servicing the information needs of those users that are external to an organization. Identify at least three external users of accounting information and indicate two questions they might seek to answer through their use of accounting information.
I chose: lenders, governments, and managers. What type of questions would they ask?...
Sandy:I wouldn't say management is external. You shd choose another external user.
(a) Lenders. Lenders are interested in information that enables them to determine whether their loans, and the interest attaching to them, will be paid when due.
(b) Suppliers and other trade creditors. Suppliers and other... More...
Could someone please help me with my CFA and forensic accounting questions?
I am considering a career in forensic accounting. I will graduate with a degree in accounting in the Summer 2008. I am then planning on going back to school for my MBA and CPA. I was reading some where about a CFA, I'm assuming is stands for Chartered Financial Analyst. What is a CFA? Also, does anyone know of any forensic schools? I've searched and searched and it seems like none exist.
I live in Virginia :)...
dlatona7:A CFA is helpful for investment professionals, portfolio managers, investment bankers, analysts--basically anyone dealing with securities.
If you want a career in forensic accounting, a CPA would be infinitely more helpful.
I'm not sure where you live, so I can't tell you if there are any school... More...
[Accounting Questions] please help me to answer the following question?
If company's suppliers delayed to give you receipts, should
company still record expenses?
If so, it is in what accounting principle?
Thanks for ur help!...
Sandy:You record the expense not so much because of any accounting principle but because of contract law. You've paid him, haven't you? It doesn't matter whether he gives you a receipt. He's accepted your money, there was a valid contract, a commercial transaction has taken place, and you should record it... More...
What is the easy way to learn accounting questions?
...
The JZA:Check out Nettutor.com, I know someone who works there. They tutor for everything, almost.... More...
I need help with some accounting questions?
Here is the question I have:
I am recording two complete accounting cycles. For the one in 2004 it states at the end for the adjusting section, "Recorded $2,100 of accrued salaries at the end of 2004". Then, at the very beginning of 2005 it states "Paid $2,100 cash for the salaries accrued at the end of the previous year."
We have put this on a T chart, and I am not sure where each will go on each year and on each side of the Dr. and Cr.
Thanks for your help. If this doesn't make sense, se...
Kerri E:2004
Salaries Expense DR 2,100
Accrued Salaries CR 2,100
2005
Accrued Salaries DR 2,100
Cash CR 2,100... More...
What kind of questions should i ask my accounting professor?
I have to interview someone in the accounting field. so i decided to interview my accounting professor, but i have no idea what questions to ask....
jmilburn72501:What are the different ways of teaching accounting? What are the advantages and disadvantages of each one?
What kind of jobs will an accounting degree prepare you for?
What are the advantages of the 4-year accounting degree, and the 5-year undergraduate degree that the U. of Houston, Texas, awards... More...
Couple of balance sheet accounting questions?
a) If a company generates say $500k in net income for the quarter and uses it to retire long term debt, what is the adjustment to the asset side of the balance sheet? Or does retained earnings go down? But the $500k is from new income, so shouldn't retained earnings stay the same?
b) If a company has net earnings of say $500k and pays it out as a cash dividend, what happens to the balance sheet? Nothing?...
ustoev:A: The change is a credit to cash and a debit to long term debt. Doe not affect the earnings at all. Retained earnings remains the same.
B: Credit to cash and a debit to stockholder equity. Again it does not affect the retained earnings but does affect the balance sheet. From one year to the next, t... More...
What questions can i ask in my accounting interview?
I've got an interview in a week for an accounting job. The role will deal with the financial statements and entries and stuff. What questions can I ask that will make me sound smart? other general questions acceptable as well....
Princess Diddy:I would hesitate to ask too many questions, before the end of the interview, however asking questions really does make you look smarter!
I would suggest asking any questions about the role (if any parts of your day to day responsibilities is unclear).
I would also ask about the company, althou... More...
i have a lot of questions regarding accounting. Accountants with at least with a bachelor degree only please.?
Currently, i'm contemplating whether i should be majoring in Accounting. therefore, if possible, can i e-mail you and ask you some questions? i think it would be best to do it this way as i have a lot of questions that need to be ask. thank you.
Note: i had done some research this career already. However, i want to get answers from someone who is experience. Moreover, i have some specific questions that only someone who has experience can answer. thank you....
Dr. Deth:here are some general items
-forget about taking any vacation the first week of any month - monthly closing
-work is generally routine and boring in your early years.
-stressful deadlines are common, sometimes waiting for others to finish something you need to do your work
-must be very detail orien... More...
What are the most common questions in an interview for a management accounting position?
A friend has an interview next week and wants me to help her prepare...what are the most common questions in an interview for a management accounting position? Any pointers would be greatly appreciated....
dkelli:tell me about yourself.... this is the first question they ask
why are you interested in the position?
what makes you a great candidate?
what are you strenghts/weaknesses....always ask this one as well
what can you bring to the company?
what does sucess mean to you?
why did you choose your pro... More...
l want to get a teaching online to be asking him/her some accounting questions. and replying me with some ans.
principal of account. trading and profit and loss. financial statement
calculation of opening capital and other questions...
:... More...
What are three types of questions that good accounting information should answer?
...
:... More...
Accounting questions grade 11 help me please?
(1) Give two reasons why creditors have claims against the assets of a business?
(2) How can you quickly find out who has a claim against the assets of a business?
(3) Who has first claim against the assets of a business?
Thanks
(4) Who benefits from gains made in closing a business?
(5) Who primarily suffernfrom losses incurred in closing down a business?...
Mrs. Kasey Kahne.:do your own homework.... More...
I have an interview with a small accounting firm. What are some good questions to ask my interviewer?
Here are some other details that might be helpful. This is my second interview with this firm. I recently recieved my associates degree in accounting and this is my first job. I have a fair amount of education, but not very much job experience. This company does not have a web site that I know of (I have searched). I do know that they do income taxes, payroll, and financial statements among other things. Their clients range from small to large businesses. Thanks for your suggestions....
wishingonascar:There are several good questions to ask. Inquiring about the company dress code is important, so you don't show up over or underdressed. This early in the game it's not a good idea to ask about things like vacations, tuition reimbursement, bonuses, and so on...this can give your interviewer the wr... More...
Financial accounting related questions see detail?
a) How does accounting information assist management in measuring efficiency and effectiveness? (10 Numbers)
(b)Do the terms “financial reporting” and “financial statement” mean the same thing? Explain. (10 Numbers)
(c)Why are investments in marketable securities usually recorded as current assets? (10 Numbers)
These questions are of 30 Numbers of my assignment. I need a detailed answer of these questions.
If someone...
carol:I'm a CPA and I know the answers without referring to any books or websites. But what I'll tell you is.....do your own freaking homework!... More...
please read details - involves accounting questions?
could anybody help me to figure out these two questions it would be greatly appreciated:
93. Cal Farms reported supplies expense of $2,000,000 this year. The supplies account decreased by $200,000 during the year to an ending balance of $400,000. What was the cost of supplies the Cal Farms purchased during the year?
and
94. Dave's Duds reported cost of goods sold for $2,000,000 this year. The inventory account increased by $200,000 during the year to an ending balance of $400,000. What was th...
Sandy:Qn 93
Beginning supplies $600,000
Add purchases ??
Less supplies used up ($2,000,000)
= Ending supplies $400,000
Arranged like this, it's quite easy to see that purchases of supplies were $1,800,000
Qn 94
Beginning inventory $200,000
Add purchases ??
Less COGS ($2,000,000)
= Ending inventory $400,... More...
A handfull of Managerical Accounting Questions part 1?
These are my last few out of 250! Any help would be appreciated. I just can't think anymore!
11 Select the incorrect statement regarding the relationship between cost behavior and revenue.
A) A pure variable cost structure offers higher potential rewards.
B) A pure variable cost structure offers more security if volume expectations are not achieved.
C) In a pure fixed cost structure, when revenue increases by $1, so do profits.
D) In a pure fixed cost structure, the unit selling p...
Flyer:Question 11:
A) is incorrect. Since variable costs increase with volume, a pure variable cost structure offers less potential than a pure fixed cost structure.
Question 13:
A) is incorrect. GAAP does not accept the Contribution Margin approach.
D) was not completely shown. B)&C) are correct.... More...
I have an accounting questions regarding patents. Can anyone help?
ABC Corp was granted a patent on a product on Jan 1, 1998. To protect its patent, the corporation purchesed on Jan 1, 2007 a patent on a competing patent which was orginally issued on Jan 10, 2003. Because of its unique plant, ABC Corp does not feel the competing patent can be used in producing a product. The cost of the competing patent should be:
a) amortized over a maximum period of 20 years
b) amortized over a maximum period of 16 years
c) amortized over a maximum period of 11 years
d) expe...
csanda:D. Expensed.
If an asset is impaired in value, as defined by management estimates and projections, then the value should be recorded down to its market value. Since the future market value of the asset is zero (because it can't be used due to its unique equipment needs that the company won't inve... More...
Audit Accounting- Survey Questions Idea?
how to tell if an accounting audit person does his job effectively or not by asking them questions? and, what kind of program and or procedures does an audit use? thanks!!!
"what kind of program and or procedures does an audit use? " IS ANSWERED.
now i am actually wanted to know if i were to give out a survey to the auditors, what questionaires should i ask in order to know how efficient and effective they are in the matter of confirmation procedures...
DK:Honestly, I prefer auditors that are quick learners with good problem-solving skills. Lower-level auditors have book-knowledge, but each business has their own creative ways of implementing GAAP to suit their needs. A good auditor, to me, is one who can adapt their book knowledge to the company's ... More...
Hi! Is there any helpful website w/c i can browse and which i can also post accounting related questions! thnx
I would like to inquire whether there are any accouting website who is updated in terms of the IFRS and IAS (International Financial Reporting Standards and International Accounting Standards) which i can also post accounting questions in relations with applying those new standards. Thank you very much :-)...
krishbhavara:Try this site
http://www.futureaccountant.com/... More...
Some questions regarding accounting.... can someone please help!?
I have an hw assignment due on Thursday and can't find these answers anywhere since hte packet we got has like over 100 pages... can someone please help me with these accounting questions?
1) what is the journal entry made to record accrual for the Insurance Receivable [aggregate entry]?
2) What are 3 major areas that contribute to the determination of accrual the company must make for estimates regarding litigation?
If someone can help me with these, I'd greatly appreciate it. Thanks...
Sandy:1) What's insurance receivable? You mean the premiums or the claims? I assume it's premiums
Dr Insurance premiums receivable xxx
Cr Insurance premium revenue xxx
2) What are 3 major areas that contribute to the determination of accrual the company must make for estimates regarding litigation?
An... More...
How hard is the CPA exam? Is it similar to questions asked in college accounting textbooks?
...
Outlander:Well they have changed it since I took it a few years ago, but I'll try to answer. The exam is very hard, but if you study hard you can pass it. Most of it is multiple choice and then there are some questions you must write out your answers. There are four parts to the exam and you can take each ... More...
How to do the following accounting question(Serious answers only).?
How to do the following accounting question(Serious answers only).
The following information and transactions relate to the "Dalgetty Sports Warehouse".
Aug.5. Sold merchandise on credit to Honeydew Enterprise, terms 2/10, n/30, amounting to $2640 (GST Inclusive), cost price $1500.
Aug.13. The owner withdrew inventory valued at $600, (cost price $350), for personal use.
Aug.15. A physical stocktake valued inventory on hand at $24000.
How to record the above transactions using the perpetual in...
Deliah:Do your own homework, what the heck do you learn if I sit here and do it for you so you can copy and present it!... More...
Questions on accounting - to enter the money received from the investor, is that belong to assets?
...
:... More...
Accountin questions who is good at accounting , come and help me please?
Explain the important of working capital in an organisation's financial management. Your answer should also include a discussion of the relationship between the operation cycle and working capital....
:... More...
A few questions about the accounting profession?
Do accountants have to work at accounting firms that specialize in accounting, or would other businesses like for example, Yahoo! hire accountants as well?
Are salaries and work load pretty much the same in big four accounting firms compared to mid-size or small accounting firms?
I know that accounting is an EXTREMELY boring subject to study, but is a career in it rewarding?...
:... More...
Would you answer 2 accounting questions if someone offered you $20 to do it?
http://finance.justanswer.com/questions/165gu-accounting
Did you read the questions?...
Dan:No.... More...
Accounting questions - Partnerships?
These are some of the homework questions for one of my business courses; I'm totally stumped, so any help would be appreciated:
True or False:
1) Two proprietorships cannot combine and form a partnership.
2) Unless stated otherwise in the partnership contract, profits and losses are shared among the partners in the ratio of their capital equity balances. (I understand the laws may vary from region to region, but this is for a Canadian accounting course)
3) If a partnership has a loss for the...
Beyond The Next Mountain:1) I believe it's false. Partnership is when partners/owners join together to form a business
2) I am not sure about CICA's law, but I know when there is no agreement, then it's shared Equally. (profit/loss)
3) it should be debited
4) I could help if it's ACCA but, sorry I am not familiar with CIC... More...
accounting question ! lol i know it is wrong catogery but i think this is the most popular category?
Acccounting question?
i am now preparing a a ledger , the question i have : i have like utilities expenses and and repair expense ...do i have to put them in one account titled as expnses ...or shall i put each expenses in different account ... another question lands and cottages ..both are assets cant i put them in one account ,....sorry if i have stupid question , i am not an accountant!
7 minutes ago - 3 days left to answer....
MBATXguy:To answer question in a short way..
I would record utilities as a separate expense from repairs.
Also, you should separate Land from Cottages because one is dealing with a fixed structure, while other is place where the structure is attached..
You can have it roll up though however to:
Propert... More...
Can someone PLEASE help me with these 2 Managerial Accounting Questions?
Can someone please help me with these 2 accounting questions?
Question 1: A marketing company expects to incur fixed expenses of $50,000 per month and variable costs of $3.00 per sales call and $2.00 per telephone call. During the month, the sales force made 100 sales calls and 500 telephone calls. Actual costs incurred included $52,000 for fixed costs and $1,200 for variable costs. What is the flexible budget variance?
a) $100 F
b) $1,900 U
c) $2,000 U
d) $2,100 U
Question 2: Knickers...
mule:Q#1. b) $1,900 U
Fixed $2,000 U + Var $100 F = $1,900 U
Q#2. c) $340,000
9,000 hrs x 10 = 90,000 + 250,000 = $340,000... More...
Accounting Question: anyone able to help me out with information about your work environment?
Interview a friend or family member about his/her work environment. Is his/her organization a sole proprietorship, partnership, or corporation? Who is involved with the accounting decisions and information? In what ways is your friend or family member affected by the accounting information?
I'm at work and I don't have time to interview my friends. Any help will be greatly appreciated!...
st3phanb:Haha, lazy.. My brother works in a resarunt. The enviroment is fast, always busy, high expectations in quality. The organization is a sole proprietorship, and the owner is also the manager. The owner organises balance sheets monthly and seeks accounting assistance yearly. Through his reports he can ... More...
using the accounting equation, answer each following independent questions?
The accounting equation show me the work and how you got the answer please?
1. burlin company starts the year with 100,000 in assets and 80,000 in liabilities. net income for the year is 25,000, and no dividends are paid. how much is owner's equipty at the end of the year?...
Sandy:Owner's equity at the start of the year is $100k - $80k = $20k. Add to that net income for the year of $25k and the owner's equity at end of the yr is $45,000... More...
Accounting question: If a company start their business in Nov, can the accounting period be 1st Nov 2006 to 31
If a company started their business in Nov 2006, can the accounting period be 1st Nov 2006 to 31st Oct 2007? Is the accounting can be started from any month of the year?...
Richie M:Yes. The accounting period can be started from any month of the year.
If the period is started in any month other than January, it is called a fiscal year.
Otherwise, it is called a calendar year, because it goes on with the calendar, starting in January and ending in December.
The answer is yes... More...
What questions would you ask your employee as a HR Director of Accounting about her financial planning?
Based on my info:
Female, 23 years of age; single and pregnant.
Works for the County
$12,500/yr; part-time
Has health benefits: $2,000 ded.; 20 co-pay
Question to you: How can I afford this baby on what I make at the county?
What info. do you need from the client and what advice can you give?
What professional and ethical risks do you see from the info. I have given you?...
Ty H:Sounds rather nosy to me. Also on the edge of slander or something like that.... More...
How do I contact Yahoo! and how do i delete my questions account?
I need to know 1. How to contact Yahoo! and 2. how to delete my Yahoo! questions account, I do not wish to have my questions veiwed anymore and I dont like doing this whole questions thing....
Woopyalecris:why are you posting a question then??... More...
What are some interview questions to practice for Big 4 or other public accounting jobs?
...
Chuck Gallagher:They expect to ask you questions...so consider asking the following (it will catch them off guard):
1. What specifically differentiates you from the other major public accounting firms?
2. How effective do you feel that Sarbanes-Oxley has been at curbing corporate fraud?
3. What is the most ef... More...
Accounting questions! please help!?
1)Assets on the balance sheet are recorded at market value or replacement cost - True or False
2)GAAP are identical in most developed countries - T or F?
3)Accounting measures/reports financial data for profit-making businesses as well as not-for-profit orgs - T or F?
4)Managers who commit accounting fraud may be fined but can't be charged with a crime punishable by jail time - T or F?
5)Using accrual basis of accounting, a company recognizes expenses when they are paid - T or F?
6)Accrual basis...
Breadcrumbs:1) T
2) F
3) T
4) F (Tax Fraud)
5) F (Companies recognize expenses when the correlating revenue is made)
6) T... More...
Interview paper questions for people working in the accounting field???
1. How did you become interested in pursing a career in this field?
2. What is your educational experiential backgrounds as it relates to your accounting job?
3. What does your job entail? What does an average day at work consist of?
4. In your opinion, what are some of the skills needed to be an accountant?
5. What are some of the highlights of your career? Low points?
6. Finally, any suggestions or tips for me?...
Alan K:1. High school course. It turned out I was good at it.
2. BS in business administration, major Accounting.
3. I'm a controller of a small company. I prepare monthly financial statements and variance analysis reports when I'm not on Yahoo, payroll and human resources, manage cash levels and payable d... More...
Unauthorized change to method of accounting question for rental property depreciation.?
I have a piece of property I have owned since 2003. I have not been
claiming depreciation. I want to begin to do so. If I just start
claiming depreciation on my taxes is this considered an unauthorized
change in my method of accounting?
It was placed into service in 2003- I just never claimed depreciation....
Codys mom:if you have been renting your property since 2003 then you must start depreciation in 2003. Therefore you must amend your prior years returns to reflect the depreciation in each subsequent years.
If you finally put your property into service and rented it out in 2007 then you can start depreciati... More...
Two Accounting Questions?
Which of the following accounts should be closed to Income Summary at the end of the fiscal year?
a. Accumulated Depreciation-Equipment
b. Dividends
c. Sales
- For the above question, I don't think it's either A or B.
After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of the Debit and Credit columns are $377,750 and $387,750, respectively. What is the amount of net income or net loss for the period?
a. $377,750 net income
b. $1...
Eric:I don't fully understand your question so I will go with assumptions....
Question 1
If you are are asking what account should be closed at the end of the fiscal year, then the answer is "c". Reason is that Sales is an Income Statement account and therefore these accounts are always closed and rese... More...
Accounting question: Is this ethical and what rules does this violate?
Tom, CPA, owns a book store in New York and when his customers buy books, they pay sale taxes. Tom has not remitted the sales tax to the State of New York. Is this ethical and what rules does it break?...
Becca:It is illegal. He needs to pay the state monthly. If he pays by the due date he actually will get a "discount". If he does not pay monthly he will begin to accrue fines. The fines are based on time so the longer he waits to pay the higher they will be.... More...
I have a few accounting questions I need help with....all true or false...?
1. The cash or cash equivalent price of items classified as property, plant, and equipment best measures the value of the asset on the date of acquisition.
2. When land has been purchased for the purpose of constructing a new building, all costs incurred in connection with preparing the land for excavation are considered building costs.
3. The purpose of imputed interest is to approximate interest rate of deferred purchase contract when one is not expressly stated.
4. The recommended acco...
Nevada Pokerqueen:True
True
True
False
true
True
False
Hope this helps. Hope I am close.... More...
Accounting question from a very confused student?
I am a student rushing through college, yeah I know I should stop that really. But my gpa is now low and I would like to know how can I still be able to work for the big 4. Also just because I do not work for the big 4, does that mean I will not be able to make the big money? My last question is... do accountants go back to school for a degree RELATED to accounting? Or do they just graduate with accounting degree and get a CPA and start raking in the huge bucks. I hope this question will be...
Donald C:Accounting is more then just numbers, although that is a big portion of it. Utilizing the numbers in such a way as to increase profits, decrease expenses, determine if capital improvements are justified, etc. is part of the equation. Big bucks is variable. There are many avenues to pursue to get... More...
Can anyone help with an accounting question regarding receipt and payment of invoices?
For example, if the company receives its electric bill on Feb 2 but doesn't pay it till Feb 28, do you need to enter anything in the general ledger/journal on Feb 2?
It's accrual basis, and I did it originally the way you all have said. Thanks....
slappy:You should record the bill as a payable or liability and expense on the 2nd and then on the 28th, when the payment is actually made, you should charge it to the appropriate payable account. This is the proper accounting for it, but could you get away with just recording the payment on the 28th???..... More...
i need help with accounting questions?
posting referneces on a journal should be
a.made when jounalizing
b.entered when the journal is totaled
c.entered when posting to the ledger
d.entered in alphabetical order
asset accounts are increased by?
a.entrie to the debit side of the account
b.crediting a liability account
c.entries to the right side of the account
d.adding a credit entry to the accounts normal balance
which of the following best describes a trial balance
a. its a list of all the debit balances and credit balances in ...
musicman:#1=a
#2=a
#3=a
#4=d
#5=c... More...
Simply Accounting Question: What can I do with theold versions besides looking at them or throwing them out?
This is probably a very dumb question because older versions are soon going to be obsolete. I do not know if there is such thing as "recycling" or not. Our office has a few versions here and they are just sitting there. Thank you in advance for your help!...
:... More...
Accounting question: How would I go about adjusting the following entries (which is debit, which is credit)?
I need to know what to debit and what to credit (1 dr and 1 cr for each) for the following adjustment data:
1. Accrued accounting servic erevenue at July 31st, $900
2. Prepaid rent expired during the month. The unadjusted balance of prepaid rent relates to the period July through october
3. Supplies on hand at July 31st, $400
4. Depreciation on furniture for the month. The estimated useful life of the furniture is 4 years.
5. Accrued salary expense at July 31st for 1 day only. The 5-day weekly ...
tma:1. if you were given a beginning balance for acctg service revenue, the difference b/w the beginning and ending balances would be your adjustment
Dr. Accrued Revenue xxx
Cr. Revenue xxx
2. you didnt give the amount of prepaid rent at the beginning of the year. take the unadjusted balan... More...
Quickbooks Accounting Questions?
First we are a company that does contract work for customers. We do contracts with our customers; we invoice the customer for the approval purchase contract order amount once the job is complete. Every contract is the base amount that includes supplies and materials and labor in the cost. I am instructed to set up an asset and A/P liablity account for each customer. Understanding that this is correct, am I to set up customer under "other asset" amd the A/P customer account under "other liabi...
:... More...
College Accounting question: How to prepare T accounts for this problem?
Martin Corporation has 250,000 authorized shares of $ 1 par value common stock, of which 200,000 are issued, including 20,000 shares of treasury stock. On October 15, the corporation's board of directors declared a cash dividend of $ .25 per share payable on November 15 to stockholders of record on November 1. Prepare entries in T accounts for each of the three dates.
The accounts are given. They are cash, dividends payable and dividents. I need help with the debit sides of these T accounts!
...
Sandy:The date of declaration is the date the Board of Directors formally authorizes for the payment of a cash dividend or issuance of shares of stock. This date establishes the liability of the company. On this date, the value of the dividend to be paid or distributed is deducted from retained earnings. ... More...